Talking Concepts

June 2022


Our financial planning team are sending out the renewal packages for our Gold, Silver and Bronze Financial Service Packages.

Reminder to return your signed Authority to Proceed and pay your Interprac invoice so that your Package becomes effective from 1st July 2022.

If you did not receive a renewal package and you think you should have, please call Beth or Kelly on 9569 5676.

Dates to Remember

30 June 2022– end of financial year

01 July 2022 – SGC rate increases to 10.5%

14 July 2022 – STP EOFY finalisation declarations lodged for employers

14 July 2022 – PAYG payment summaries available to employees via their myGov

28 July 2022 – Superannuation Guarantee (SG) for 1 April to 30 June payment due date

28 August 2022 – Building & Construction TPAR due

23 October 2022 – Workcover ratable remuneration forms lodged if remuneration was more than $200,000

26 March 2023 – Workcover ratable remuneration forms lodged if remuneration was less than $200,000

Interest Rates

Interest Rates that start from…

2.09% p/a Fixed Rate
2.10% p/a Comparison Rate

Based on our lender panel, ChoiceLend’s Variable Rate, provides the most competitive Interest Rate. Interest rates are correct as at 23/05/2022 and subject to change at anytime. The comparison rate is based on a loan amount of $250,000, over a 30 year term. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different comparison rate. Terms, conditions, fees and charges apply and your full financial situation would need to be reviewed prior to acceptance of any offer or product.

ATO’s Focus areas for Tax time 2022

Source: CPA Australia In The Black 01/06/2022
  • Over the past few years, the Australian Taxation Office has maintained a sharp focus on work-related expenses, rental property deductions, cryptocurrency and the private use of business assets.
  • Incorrect claims often stem from poor record-keeping, a lack of awareness around tax obligations and a misunderstanding of the rules.
  • Tax practitioners are advised to start helping clients set some new financial year resolutions, such as investing in digital accounting software, considering e-invoicing and improving their record-keeping.

The Australian Taxation Office (ATO) has been very clear about its focus on work-related expenses and rental property deductions for some time, with cryptocurrency and the private use of business assets also mentioned regularly.

Poor record-keeping and a misunderstanding of the rules tend to be behind many incorrect claims, and tax practitioners are advised to confirm that clients’ receipts, diaries and logbooks are in order, and that their claims are reasonably arguable.

It is also important to encourage clients to keep digital records and check that their claims have sufficient connection to their work and that they haven’t been reimbursed.

The ATO’s myDeductions app uploads information straight into Online Services for Agents, making it easier for practitioners, too.

Clients need to be asked directly about other forms of income, such as cryptocurrency or income from selling goods and services online and trading shares through apps.

Often, clients are unaware that they have to report and pay tax on their side hustle, and won’t necessarily divulge information about other income streams or about trading on foreign exchanges or swapping their Bitcoin for Ethereum.

Adjusting claims for private use can be a challenge, as employees often include non-work kilometres, landlords deduct for periods of private use or small business owners spend company money on personal expenses.

An important area of focus is educating clients about how to get deductions right, the consequences of making false claims and the ATO’s use of data analytics to detect incorrect returns.

New Team Members

We would like to make a warm welcome to Shannon who has joined our Bookkeeping team.


Appointments with Phillip and our Accountants & Bookkeepers are now available our office.

Our administration team are in the office every Tuesday for anyone wanting to drop off or pick up paperwork

Our office remains fully operational and contact can be made via email, mail, phone and conference calls.

ANZ turnaround times fastest in 2 years

The major bank’s turnaround times returned to single digits for the first time since March 2020 at nine days in April 2022, new data has revealed.

According to the latest findings of the monthly Broker Pulse survey from Momentum Intelligence, ANZ’s turnaround times (time taken to reach an initial credit decision) sped up to their fastest level since April 2020 when they were at 10 days (before surging to 22 days in May 2020).

ASIC Annual Company Statements and Fees

On the anniversary of your company incorporation we will send you an Annual Company Statement and Solvency Resolution via our electronic signing service Docusign. Please review the document immediately to make sure that all of your details, in particular address, are correct. If no changes are required, please sign electronically. If changes are required please email to advise of the changes required and we will prepare the necessary documents to update ASIC records.


ASIC have increased their fees effective from 1st July 2022.

The Annual Company Statement fees must be paid to ASIC within 2 months. The fees are:

            A proprietary company – $290
A special purpose company (SMSF trustee) – $59


If you do not pay your Annual Company Statement fees by the due date late payment penalties will be imposed
Up to one month late – $87
More than one month late – $362

Please ensure as soon as you receive our email, you check and sign your Annual Company Statement, and pay or schedule payment of the ASIC fee before the due date.

Company Director ID

Company directors need to verify their identity as part of a new director identification number (director ID) requirement. The director ID is a unique identifier that a director will apply for once and keep forever – which will help prevent the use of false or fraudulent director identities.

If you were already a director of a company before 1 November 2021, you have until 30 November 2022 to obtain your Director ID.

If you are not yet a director of a company, you must obtain a Director ID before your appointment.

For more information on how to apply for a Director Identification number go to

If Concepts & Results manage your company secretarial file and you need assistance with obtaining your Director ID, please email or call our office on 9569 5676 and speak to Sue.


Depending on how your employer reports, you will receive either:

  • An income statement via ATO online services myGov
  • A payment summary from your employer

Your employer should let you know if you will receive an Income Statement (via your myGov) or a payment summary. You should talk to them if you are unsure.

NOTE: If C&R lodge your Income Tax Return, we can obtain your Income Statement via our ATO Portal.

Non-majors have highest-rated BDMs: Broker Pulse

Business development managers at the non-major banks are outperforming their major and non-bank counterparts, according to a new broker survey.

The latest monthly Broker Pulse survey from Momentum Intelligence has revealed that broker satisfaction with BDMs at the smaller authorised deposit-taking institutions (ADIs) grew in April, with five non-major banks achieving a 100 per cent positive experience rating.

Knowing the loan process

House price growth stumbles in line with predictions

Skyrocketing house price growth appears to have faltered, after prices fell nationally in May, as the cost of borrowing rises.

As the Reserve Bank of Australia (RBA) lifted interest rates earlier this month, PropTrack’s Home Price Index reported home prices fell -0.11 per cent in May marking the first drop since the start of the pandemic.

While the May housing market activity was disrupted by the federal election, price growth had been slowing for some time, with conditions shifting from the rapid increases in 2021, PropTrack economist Paul Ryan said.

“We’ve seen price growth decelerate very, very quickly over the past six months, while it was a small fall, it was a continuation of prices fall,” Mr Ryan said.

The report found while annual price growth had fallen from 24 per cent six months ago it was still up 14 per cent overall.

In Sydney house prices growth dropped 0.29 per cent, which was still up 10.21 per cent on annual growth. Melbourne took a dip of 0.27 per cent (up 7.49 per cent annually), while prices in the ACT were down for the first time in three years (-0.12 per cent).

Brisbane and Adelaide saw the highest growth rates up 0.35 per cent and 0.58 per cent, respectively taking their annual growth rate up around 25 per cent.

Mr Ryan said the fall in house price growth was anticipated, on the back of market uncertainty with the rising costs of living, inflation over 5 per cent and May marking the first of many interest rate hikes.

– The Adviser

Borrowers not ready for rising rates: Mortgage Choice

A new survey from Mortgage Choice has found the majority of home loan customers are not prepared for the coming upswing in rates.

Mortgage Choice has released new findings based on a survey of 1,000 Australians, which revealed 55 per cent of borrowers did not know their current home loan rate.

Around 17 per cent of mortgage holders indicated that they would be concerned if home loan interest rates grew by just 1 per cent, while 48 per cent expressed concerns around a 2 per cent ascent.

David Zammit, national sales director, Mortgage Choice has calculated a 2 per cent increase in rates for some would nearly double the interest that they are charged each month.

One in two survey respondents said they could afford to pay an extra $201 a month and only 33 per cent of borrowers could afford to pay an additional $401 or more per month.

Around 31 per cent of borrowers indicated they were worried about rate rises, with those who had most recently purchased their first home and Sydneysiders being the most concerned, followed by residents in Melbourne, Adelaide and Perth.

Young people (aged 18 to 35) were the most concerned age group, with 89 per cent agreeing, followed by 36 to 64 year-olds (81 per cent).

But the Reserve Bank has “made it clear that there are further rate hikes to come”, Mr Zammit said, with most lenders have been quick to pass on the first increase to the cash rate in May.


– The Adviser 

ATO - What to consider now

Source: CPA Australia’s policy pages

Although tax returns may not be due until 2023, it is worthwhile reminding clients that over the next few weeks they need to:

  • Document trust resolutions and dividend declarations before 30 June 2022
  • Review and finalise Single Touch Payroll, including closely held payees by 14 July
  • Correct any superannuation guarantee errors by lodging and paying the Superannuation Guarantee Charge Statement
  • Lodge Taxable Payments Annual Reports by 29 August

Now is also a good time to help clients set some new financial year resolutions, such as investing in digital accounting software, considering e-invoicing and improving their record-keeping to make tax time easier in the future.

Clients with professional firms or trusts should consider the ATO’s guidance on the allocation of profits within professional firms. Draft guidance on reimbursement agreements (section 100A of the Income Tax Assessment Act 1936) and financial accommodation (Division 7A of the Income Tax Assessment Act 1936) may also be useful.

This guidance takes effect from 1 July 2022, and it is important to make clients who may be affected aware about the risks and options sooner rather than later.

Following a COVID-19 hiatus, the ATO is working through its debt book and contacting clients and their agents to address unpaid liabilities.

The best way to resolve tax debts is to talk with the ATO and arrange a workable payment plan, otherwise Director Penalty Notices or disclosures to credit bureaus may follow.

In some situations, the client may also need to be referred to an insolvency practitioner or support for small business restructuring.


Did you know there is around $1.5 billion in lost shares, bank accounts and life insurance waiting to be claimed.

Use this web page to search for your name and any unclaimed money

Visit us

Want to discuss the above face to face? Come visit our specialised team members to find out more.

612 Warrigal Road, East Malvern PO Box 61, Holmesglen, Vic 3148

Call us

Have any questions? Further discussions on the above can be may be held over a telephone appointment.

(03) 9569 5676

Contact us

For any and all queries regarding the above, you may contact Concepts & Reuslts by emailing us